§ 722.203. Quality control standards.
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/us/cfr/t12/s§ 722.203·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Mortgage originators and secondary market issuers that engage in credit decisions or covered securitization determinations themselves, or through or in cooperation with a third-party or affiliate, must adopt and maintain policies, practices, procedures, and control systems to ensure that automated valuation models used in these transactions adhere to quality control standards designed to:
(a)Ensure a high level of confidence in the estimates produced;
(b)Protect against the manipulation of data;
(c)Seek to avoid conflicts of interest;
(d)Require random sample testing and reviews; and
(e)Comply with applicable nondiscrimination laws.